‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Whistleblower Program Shows Value of Speaking Up, Departing Chief Says – WSJ
Jane Norberg, who has served as chief of the whistleblower office since 2016, is leaving the agency after nine years. Her last day was Friday. “One thing I hope the program has accomplished is that whistleblowing is becoming more accepted as the fabric of normalcy,” Ms. Norberg said in an interview this week, noting that […]
Joel R. Levin, Director of Chicago Regional Office, to Leave SEC
The Securities and Exchange Commission today announced that Joel R. Levin, the Director of its Chicago Regional Office, will leave the agency at the end of May. Mr. Levin has served as Director of the Chicago office since May 2018, overseeing the agency’s second-largest regional office of more than 260 attorneys, accountants, investigators, securities compliance […]
Avci, Schipani, Seyhun & Verstein on “Insider Giving”
Corporate insiders can avoid losses if they dispose of their stock while in possession of material, non-public information. One means of disposal, selling the stock, is illegal and subject to prompt mandatory reporting. A second strategy is almost as effective and it faces lax reporting requirements and legal restrictions. That second method is to donate […]
Marc P. Berger, Former Acting Director of the SEC’s Enforcement Division, to Join Simpson Thacher
Simpson Thacher & Bartlett LLP announced today that Marc P. Berger, most recently the Acting Director of the Division of Enforcement at the U.S. Securities and Exchange Commission, will join the Firm’s New York office in June as a Partner in the Litigation Department. Source: Marc P. Berger, Former Acting Director of the SEC’s Enforcement […]
SEC Awards Over $50 Million to Joint Whistleblowers
The Securities and Exchange Commission today announced an award of over $50 million to joint whistleblowers whose information alerted SEC staff to violations that involved highly complex transactions and would have been difficult to detect without their information. The joint whistleblowers provided exemplary assistance to the SEC staff during the investigation, including meeting with staff […]
SEC will not assess merit of ESG investments: Peirce
In a statement released Monday, Peirce provided her interpretation of a recent SEC risk alert on ESG investing that warned advisers, investment companies and funds about compliance shortcomings. The alert said recent examinations have found instances of misleading claims as well as inadequate policies, procedures and documentation regarding ESG products and portfolios. “Our examiners are […]
Gary Gensler confirmed to lead the SEC, Wall Street’s top regulator
Gary Gensler will lead the Securities and Exchange Commission after the Senate voted 53-45 on Wednesday to confirm his nomination to the nation’s top financial regulator. Gensler, chosen for the role by President Joe Biden, will now play a key part in enforcing and drafting the rules that govern Wall Street, investors and a wide […]
Gary Gensler has a full agenda as he gets set to take over the SEC
With Democrats in control of all three major branches of government, and the SEC commissioners now with a 3-2 Democratic majority, Gensler is likely to face calls from progressives to act on several fronts, including ESG, the GameStop fallout, the Archegos fiasco, payment-for-order flow, fiduciary obligations, and especially regulations around securities in the crypto space, […]
SEC’s Next Difficult Task for ESG Is Finding a Standard Setter
The Securities and Exchange Commission is poised for a fight with Republicans and business interests as it looks to develop uniform rules for how public companies report environmental, social, and governance matters to investors. Battle lines are being drawn as the SEC gathers feedback on whether to designate a new or existing organization to set […]
SEC’s Coates tells investors to ignore billionaire SPAC investor’s legal advice – MarketWatch
In a recent YouTube interview, Palihapitiya asserted that in the case of a traditional IPO “you can’t show a [financial] forecast and you can’t talk about the future of how you want to do things — you’re just not allowed.” While public companies are protected from lawsuits involving forward-looking statements through a safe-harbor law passed […]